Flood-damaged homes listed with Resilient Homes Fund sweetener
Flood-damaged properties are being marketed with the Resilient Homes Fund prominently mentioned in the real estate agent descriptions. Could they offer a way to enter the robust Brisbane market?
Residz Team 3 min read
The Brisbane real estate market has been resilient despite the 2021-2022 floods. Much of that resilience has been due to the shortage of housing stock in and around Brisbane amid unprecedented demand. But part of that resilience could be down to the $741 million Resilient Homes Fund.
Flood damaged properties are being marketed with the Resilient Homes Fund prominently mentioned in the real estate agent descriptions. For example, two properties in Rocklea, Qld,(under 11 km from Brisbane CBD), are for sale with descriptions of the Resilient Homes Fund in their property descriptions.
One in Medway Street is for “express sale” and invites best offers before a certain date. This two bedroom property has obvious warping on the kitchen and laundry doors and it appears carpet has been removed from one of the rooms. However, it’s got lovely floorboards and appears to be a bright and sunny home.
“A promising solution looks to finally be surfacing,” says the Century 21 listing for the home. The ad goes on to say that the Queensland Government ‘Resilient Homes Fund’ solution “could be a silver lining for here.”
The other home is a three bedroom property on Golf Links Road and is advertised as ‘offers over $369,000’. Again it shows extensive evidence of previous water damage, with wall linings removed in the main living area, entrance, and all bedrooms.
“The possibilities are endless for the passionate renovator or astute investor looking for a fantastic rental yield return for the future,” says the real estate listing from Ray White.
The agent then goes on to list the eligibility criteria for the Resilient Homes Fund.
What is the Resilient Homes Fund?
The Queensland and Australian Governments have developed the $741 million Resilient Homes Fund to help Queenslanders across 39 local government areas whose homes were impacted by the 2021-2022 floods. For many homeowners, the fund will improve the ability of their home to withstand future flooding events. The aim of the program is to help as many Queenslanders as possible with the funding available.
The Resilient Homes Fund is not means tested and is available to both insured and uninsured homeowners.
What are the funding programs under the Resilient Homes Fund?
Under the Resilient Homes Fund, funding is available to assist eligible, flood impacted homeowners to:
- Resilient retrofit
- Home raising
- Buy-back
Eligible homeowners can apply for funding of:
- up to $50,000 toward repairing (enhancing resilience) or retrofitting OR
- up to $100,000 toward the cost of raising homes.
If works are estimated above these thresholds, homeowners will be required to contribute on a dollar-for-dollar basis. Homeowners experiencing genuine hardship (determined by the government) may be able to have this waived.
For example, a raising a house higher off the ground that might cost $120,000 would receive:
- the base funding of $100,000
- then a further $10,000 co-contribution from the Fund, with the homeowner required to contribute $10,000.
Who’s eligible for the Resilient Homes Fund?
Homeowners are eligible for the Resilient Homes Fund if they meet all four of the eligibility criteria.
- Your home is within one of the 39 affected local government areas.
- You are the owner-occupier or landlord of the impacted property.
- Your home is a residence (house/unit/duplex/granny flat/manufactured home) not used primarily for business purposes.
- The building envelope of your home was inundated by water during the 2021–22 rainfall and flooding events:
- Central southern, and western Queensland rainfall and flooding – 10 November to 3 December 2021
- Ex-tropical cyclone Seth – 29 December 2021 to 10 January 2022
- South-east Queensland rainfall and flooding – 22 February to 5 April 2022
- Southern Queensland flooding – 6 to 20 May 2022.
Residz can help buyers and sellers reduce the stress:
- If you’re considering purchasing or renting a house, make sure you download our free property report for that address. We have 12 million addresses in our database, with every report offering information on internet speeds, crime trends, bushfire and flood risks, investability scores and a whole lot more.
- Would you like to sell your home and connect with home buyers willing to pay your dream price? Residz has the solution, for zero dollars. Put a DreamPrice on your home to test interest. Read about DreamPrice(™) here.
Images:
Ray White
Century 21